Vivint Partners With Citizens Bank to Offer Interest-Free Financing
The new Vivint Flex Pay payment plan is intended to provide consumers with more flexibility in purchasing smart home products and services.
PROVO, Utah – Vivint is partnering with Citizens Bank, a leading lender to companies in the security and home automation industries, to offer consumers interest-free financing to purchase smart home products and services.
Under terms of the new plan, called Vivint Flex Pay, customers will pay separately for products and services when creating a customized smart home, with qualifying customers able to access 0% APR interest financing through Citizens Bank.
“By separating the purchase of products and services, we’re introducing a model similar to the one used in the cell phone industry to provide greater flexibility for consumers as their needs evolve,” says Alex Dunn, president, Vivint Smart Home. “This new payment plan will also make it easier for Vivint customers to continue to add the latest innovations to their smart homes.”
When building their system, customers can choose from a variety of smart home and security products, including smart door locks, thermostats, indoor and outdoor cameras, doorbell camera, voice control through Amazon Echo, and a variety of smart sensors. A separate service agreement provides customers complete control from anywhere via the Vivint Smart Home app, in-home service, 24/7 customer support, monitoring and an equipment warranty.
“We are excited to partner with Vivint to bring this unique payment option to consumers,” says MK Fiorille, head of unsecured lending, Citizens Bank. “This partnership marks the next chapter of Citizens’ strategy to create innovative financing solutions that offer customers simplicity, flexibility and help them manage their finances.”
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Vivint Flex Pay will provide customers with two options for purchasing a customized Vivint smart home system:
0% APR interest financing – Qualifying customers can purchase a customized smart home package, including installation with a 0% APR interest installment loan from Citizens Bank. Along with the loan, customers enter into a service agreement with simple pricing of $39.99 per month for smart security or $49.99 per month for smart home. After paying off their 0% APR interest loan, customers pay only their monthly service agreement.
No contract option – Customers can pay for a customized smart home package up front and sign up for a monthly service subscription for $39.99 for smart security or $49.99 for smart home.
The company plans to roll out Vivint Flex Pay to customers during the first quarter of 2017. SSI continues to report this story.
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